Royal Bank of Canada Issues Pessimistic Forecast for RLI (NYSE:RLI) Stock Price

RLI (NYSE:RLI) had its price target decreased by equities research analysts at Royal Bank of Canada from $88.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the insurance provider’s stock. Royal Bank of Canada’s price target points to a potential upside of 10.32% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. JMP Securities reiterated a “market perform” rating on shares of RLI in a research note on Thursday. Keefe, Bruyette & Woods reduced their price objective on shares of RLI from $100.50 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Jefferies Financial Group boosted their price target on RLI from $82.50 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Oppenheimer initiated coverage on RLI in a research report on Wednesday, October 16th. They issued a “market perform” rating on the stock. Finally, Wolfe Research began coverage on shares of RLI in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $91.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $90.70.

RLI Price Performance

RLI opened at $72.52 on Friday. The company has a market capitalization of $6.65 billion, a PE ratio of 19.36 and a beta of 0.47. The business has a fifty day simple moving average of $82.71 and a 200 day simple moving average of $78.77. RLI has a 1 year low of $67.04 and a 1 year high of $91.14.

RLI (NYSE:RLI) last released its quarterly earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.64). RLI had a return on equity of 16.38% and a net margin of 19.53%. Equities analysts anticipate that RLI will post 3.13 earnings per share for the current fiscal year.

Insider Buying and Selling at RLI

In related news, Director Michael J. Stone sold 400 shares of RLI stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $84.78, for a total value of $33,910.00. Following the transaction, the director now directly owns 429,622 shares of the company’s stock, valued at $36,421,205.05. The trade was a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.09% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RLI. State Street Corp boosted its stake in shares of RLI by 1.3% in the 3rd quarter. State Street Corp now owns 4,393,250 shares of the insurance provider’s stock valued at $680,866,000 after purchasing an additional 58,167 shares during the last quarter. Geode Capital Management LLC boosted its position in RLI by 5.9% during the third quarter. Geode Capital Management LLC now owns 908,430 shares of the insurance provider’s stock valued at $140,817,000 after acquiring an additional 50,654 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in RLI by 0.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 813,719 shares of the insurance provider’s stock worth $126,110,000 after acquiring an additional 4,330 shares during the period. Port Capital LLC raised its position in shares of RLI by 0.4% in the 3rd quarter. Port Capital LLC now owns 759,988 shares of the insurance provider’s stock worth $117,783,000 after acquiring an additional 3,200 shares in the last quarter. Finally, Maren Capital LLC lifted its stake in shares of RLI by 4.3% in the 3rd quarter. Maren Capital LLC now owns 674,729 shares of the insurance provider’s stock valued at $104,570,000 after purchasing an additional 27,940 shares during the period. Institutional investors own 77.89% of the company’s stock.

About RLI

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.